Own Financied
I own a property in which the seller holds the mortgage. I want to sell the property but not pay off the loan. I would like to take th e$200K and apply to a apartment property I want to buy....can I do that? The seller (hold of the first TD) does not want to be paid off (for tax reasons) and agrees to my approach.
If the note holder/seller is in agreement..then yes it can be done...
You would simply be selling off your equity to the new buyer who would be assuming your note with the approval of the note holder...
sorry...bad typing..
Can I transfer the loan against one property (owner financed) to another
property I want to buy..
I hadn't thought of that option.
Can I "take" the loan/debt with me to another property so taht I continue to pay off the loan via monthly payments and secure the loan against the new property.......I may not be using the right terminology...